Bitcoin adoption made easy

The basic idea behind bitcoin payments processors is simple – they allow merchants to accept bitcoin without having to handle bitcoins at all, as all transactions are converted to fiat. This approach also means merchants are not exposed to a number of risks associated with bitcoin, namely volatility and wallet security.

A large number of merchants clearly like the idea, as the company went from 10,000 merchants last year to more than 30,000 in just nine months.

BitPay processed an estimated $110m worth of bitcoin transactions last year and at this rate it stands to process three times as much this year. NewsBTC reports that the company hopes bring as many as 100,000 merchants in its fold by the end of the year.

A leadership reshuffle was also revealed recently. Stephen Pair has moved up to the position of CEO, while former CEO Tony Gallippi has now taken the role of Executive Chairman. BitPay said the decision would create openings for additional executive-level positions and ensure that developers are well represented in the leadership team.